Zacks Investment Research upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The brokerage currently has $51.00 target price on the financial services provider’s stock.

According to Zacks, “Western Alliance Bancorporation is the parent company of BankWest of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Miller/Russell & Associates, and Premier Trust. These dynamic companies provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers’ needs than larger institutions. “

WAL has been the subject of several other reports. Keefe, Bruyette & Woods set a $58.00 price target on shares of Western Alliance Bancorporation and gave the company a buy rating in a research note on Monday, June 26th. Jefferies Group LLC reiterated a buy rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 29th. BidaskClub cut shares of Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, August 19th. Royal Bank Of Canada reiterated a buy rating and set a $58.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, September 8th. Finally, Barclays PLC reiterated an overweight rating and set a $59.00 price objective (up from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $57.00.

Western Alliance Bancorporation (WAL) opened at 47.67 on Tuesday. Western Alliance Bancorporation has a 52 week low of $35.56 and a 52 week high of $53.84. The company has a 50-day moving average of $48.60 and a 200-day moving average of $48.55. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 17.22 and a beta of 1.75.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. The firm had revenue of $203.19 million during the quarter, compared to the consensus estimate of $203.71 million. During the same period in the previous year, the firm posted $0.62 earnings per share. On average, equities analysts forecast that Western Alliance Bancorporation will post $3.04 earnings per share for the current fiscal year.

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In other news, Chairman Robert Gary Sarver sold 100,000 shares of Western Alliance Bancorporation stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the completion of the transaction, the chairman now directly owns 54,000 shares in the company, valued at $2,611,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.95% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of WAL. BlackRock Inc. boosted its holdings in Western Alliance Bancorporation by 7,273.7% during the first quarter. BlackRock Inc. now owns 4,338,702 shares of the financial services provider’s stock worth $212,988,000 after purchasing an additional 4,279,862 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in Western Alliance Bancorporation by 38.3% during the second quarter. Westwood Holdings Group Inc. now owns 2,480,947 shares of the financial services provider’s stock worth $121,944,000 after purchasing an additional 686,665 shares during the last quarter. Eagle Asset Management Inc. boosted its holdings in Western Alliance Bancorporation by 532.8% during the second quarter. Eagle Asset Management Inc. now owns 721,972 shares of the financial services provider’s stock worth $35,521,000 after purchasing an additional 607,885 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in Western Alliance Bancorporation by 1,003.1% during the second quarter. Thrivent Financial For Lutherans now owns 572,292 shares of the financial services provider’s stock worth $28,157,000 after purchasing an additional 520,412 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Western Alliance Bancorporation by 9.8% during the first quarter. Wellington Management Group LLP now owns 4,813,169 shares of the financial services provider’s stock worth $236,279,000 after purchasing an additional 429,488 shares during the last quarter. Hedge funds and other institutional investors own 81.33% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposit, lending, treasury management, international banking and online banking products and services through its banking subsidiary, Western Alliance Bank (WAB or the Bank). The Company’s regional segments include Arizona, Nevada, Southern California and Northern California, which provide banking and related services to their respective markets.

Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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